When it comes to estate planning, two common legal documents that come to mind are wills and trusts. Both serve the purpose of distributing assets upon the death of the owner. However, there are distinct differences between the two. In this article, we will discuss the differences between wills and trusts to help you make an informed decision about which option is right for you. 

What is a Will? 

A will is a legal document that outlines how an individual's assets will be distributed upon their death. It is a written document that is signed and witnessed by two or more people, depending on the state's requirements. A will can also include instructions for the care of minor children or pets and the appointment of an executor to carry out the individual's wishes. One important thing to note is that a will only goes into effect upon the individual's death. It does not provide any protection for the individual's assets while they are alive. Additionally, a will must go through the probate process, which can be time-consuming and expensive. 

What is a Trust? 

A trust is a legal document that allows an individual to transfer their assets to a trustee, who will manage and distribute those assets according to the individual's wishes. There are two types of trusts: revocable and irrevocable. A revocable trust can be changed or revoked during the individual's lifetime, while an irrevocable trust cannot be changed or revoked. One of the benefits of a trust is that it can protect the individual's assets while they are alive. A trust can also help avoid the probate process, which can save time and money. Additionally, a trust can provide more flexibility and control over how assets are distributed after the individual's death. 

What are the Differences Between Wills and Trusts? 

The main difference between a will and a trust is when they go into effect. A will only goes into effect upon the individual's death, while a trust can go into effect immediately. Additionally, a will must go through the probate process, while a trust does not. Another difference is the level of control an individual has over their assets. With a will, the individual has control over how their assets are distributed after their death. With a trust, the individual can also have control over how their assets are managed while they are alive. 

Which Option is Right for You? 

Deciding between a will and a trust can be a difficult decision. It ultimately depends on your individual needs and goals. If you have a relatively simple estate and want to ensure that your assets are distributed according to your wishes, a will may be the best option. If you have a more complex estate or want to provide more protection for your assets while you are alive, a trust may be the better option. 

If you need assistance with estate planning, contact Dyer & Rusbridge, P.C. Located in Canton, GA, the law firm proudly services clients throughout Cherokee County and has more than 50 years of experience in probate and estate planning law. Their experienced attorneys can help you navigate the legal process and create a plan that meets your individual needs and goals. To arrange a consultation, contact them at (770) 479-7418 or visit their website.